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The revised Australian AML/CTF Act 2024 introduces the concept of value transfer chains to enhance transparency and traceability in value transfers, including money, virtual assets, and property.
This shift enhances transaction traceability, aids in detecting and preventing illicit activities, and aligns Australia's AML/CTF measures with international standards set by the FATF.
While implementing these changes presents challenges, the overall impact is a more robust and adaptable AML/CTF regime that better addresses the evolving nature of financial transactions.
The revised Australian AML/CTF Act 2024 introduces the concept of value transfer chains, which refers to the passage of value between ordering, intermediary, and beneficiary institutions where a value transfer has occurred. This concept captures a broad range of value transfers, including money, virtual assets, and property.
The concept of value transfer chains originates from the Financial Action Task Force (FATF) Recommendation 16, which addresses the need for transparency and traceability in wire transfers to prevent money laundering and terrorist financing. The FATF's guidance on a risk-based approach for money or value transfer services (MVTS) emphasises the importance of identifying and mitigating risks associated with value transfers.
The introduction of the value transfer chain ensures uniform requirements for all types of value transfers, enhancing regulatory clarity and compliance. It also improves the traceability of value transfers and aids in the detection and prevention of money laundering and terrorist financing. It accommodates the growing use of virtual assets and other non-traditional forms of value transfer.
The new requirements aim to improve the traceability of value transfers, aiding in the detection and prevention of money laundering and terrorist financing.
The introduction of the value transfer chain concept brings several changes to the current Australian AML/CTF requirements:
The new value transfer concept removes the outdated distinction between value transfers for financial institutions and those for remittance service providers. This ensures consistent requirements for reporting entities performing similar designated services, regardless of whether the transfer involves financial institutions, remittance service providers, or virtual asset service providers.
The value transfer chain captures a broader range of value transfers, including money, virtual assets, and property. This aligns with the evolving nature of financial transactions and the increasing use of digital assets.
The revised AML/CTF Act updates associated definitions, replacing the term 'funds transfer chain' with 'value transfer chain' and introducing new definitions for ‘ordering institutions’, ‘intermediary institutions’, and ‘beneficiary institutions'.
Some of the changes in designated services under the revised AML/CTF Act 2024 are linked to the introduction of the value transfer chain concept. The AML/CTF Act now includes new streamlined value transfer designated services:
Ordering institution: Accepting an instruction for the transfer of value on behalf of a payer.
Intermediary institution: Passing on a transfer message for a transfer of value in a value transfer chain.
Beneficiary institution: Making the transferred value available to the payee.
These changes ensure that all entities involved in value transfers, whether financial institutions, remittance service providers, or payment service providers, adhere to consistent AML/CTF requirements. This alignment aims to enhance the overall effectiveness of the AML/CTF regime and ensures that all types of value transfers are adequately monitored and regulated.
Under the revised AML/CTF Act, a value transfer chain includes three types of institutions: ordering institutions, intermediary institutions, and beneficiary institutions. The following is a description of their roles in the value chain:
Ordering institution: Accepts instructions for the transfer of value on behalf of a payer and typically involves financial institutions such as banks or payment service providers initiating the transfer of value.
Intermediary institution: Facilitates the transfer of value between the ordering and beneficiary institutions, including correspondent banks or other financial intermediaries that process the transfer of value.
Beneficiary institution: Makes the transferred value available to the payee and will typically be financial institutions or payment service providers that receive the transferred value and credit it to the payee's account.
Each role in the value chain is discrete which ensures clear responsibilities and accountabilities. More complex organisations may undertake separate roles for different transaction types and thereby need to adapt their functions to meet the specific requirements of each type of transfer.
Introducing the value transfer chain concept under the revised AML/CTF Act 2024 significantly impacts remittance service providers who are currently subject to specific obligations related to international funds transfer instructions (IFTIs) as part of a designated remittance arrangement.
The new concept removes the distinction between transfers of value for financial institutions and those for remittance service providers, ensuring consistent requirements for all reporting entities performing similar designated services.
Remittance service providers will now follow the same requirements as financial institutions for domestic and international value transfers, the impacts of which will include:
The value transfer chain captures a broader range of value transfers, including money, virtual assets, and property which means remittance service providers must now account for these additional types of value transfers in their AML/CTF Programs.
They will be required to report more detailed information on international transfers, including the originator and beneficiary details. As a result, remitters will need to invest in more robust compliance systems and training to meet the new requirements and may need to adjust their processes to ensure timely and accurate reporting of transactions.
Payment service providers will also be affected by the revised AML/CTF Act 2024, particularly with the introduction of the value transfer chain concept. Like remittance service providers, payment service providers will need to adhere to unified requirements for value transfers. The following are the key impacts:
The need to comply with the same AML/CTF obligations as other financial institutions and remittance service providers noting this could include payment facilitators and merchant acquirers.
The value transfer chain concept includes virtual assets, requiring payment service providers to update their AML/CTF programs to address the risks associated with virtual asset transfers.
The removal of the distinction between distinct types of value transfers simplifies compliance processes for payment service providers, allowing for a more streamlined approach to managing AML/CTF obligations.
Payment service providers are also affected by the revised AML/CTF Act 2024, particularly with the introduction of the value transfer chain concept. Like remittance service providers and payment service providers (VASPs), virtual asset service providers will need to adhere to unified requirements for value transfers.
Next steps
Integrating the value transfer chain concept into existing systems and processes can be complex, especially for reporting entities with diverse operations and multiple transaction types.
Those reporting entities involved in value transfer chains should conduct a thorough review of current systems and processes to identify areas that need modification and then implement a phased approach to integration, starting with high-priority areas.
Civil penalty provisions
The revised AML/CTF Act introduces new civil penalty provisions in relation to value transfer chains, including an intermediary or beneficiary institution who fails to monitor whether they have received the information specified in the AML/CTF Rules in relation to the transfer of value.
We are here to help
Although the new AML/CTF requirements won't be enforced until 2026, it is vital to start planning and preparing for compliance with the revised AML/CTF requirements now.
With a short lead time to compliance and limited AML/CTF experts across Australia, demand will only continue to increase as the compliance date approaches.
If you would like to discuss any of the above with one of our AML/CTF specialists, please reach out.
Learn more about how our Anti-Money Laundering reforms services can help you
The current AML/CTF regime only extends to digital currency exchanges regulating exchanges between digital currency and fiat currency. The new Act introduces significant amendments to extend coverage to a broader range of virtual assets and virtual asset service providers (VASPs) through a revised set designated service.
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The International Funds Transfer Instruction (IFTI) reporting regime is a critical component of AML/CTF framework. It requires certain businesses to report international funds transfers to AUSTRAC.
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